BitMine capitalized a year-end tax-loss sale on a $98 million ETH purchase

Ethereum treasury company BitMine Immersion Technologies scooped $97.6 million worth of Ether on Tuesday as the cryptocurrency market remains serene in the final days of 2025.

Nansen data shows that BitMine purchased 32,938 Ether (ETH). Other data shows that its total holdings currently stand at 4.07 million ETH worth $12 billion.

BitMine also staked another 118,944 ETH, continuing its strategy of generating passive returns for shareholders.

BitMine’s latest buying spree comes amid broader cryptocurrency market compression, which Tom Lee, orchestrator of BitMine’s Ethereum strategy, stated: he said was partly due to an enhance in tax-loss sales in the US:

“Year-end tax-loss selling causes cryptocurrency and cryptocurrency stock prices to decline, and this effect is typically greatest between 12/26 and 12/30, so we move the markets with this in mind.”

Larger tax-loss sales typically occur in tardy December, when individuals and institutions withdraw assets to offset gains and reduce annual taxable income.

Lee, founder and managing partner of Fundstrat, said cryptocurrency prices are also affected by the break institutional investors take over the holiday season as bots dominate trading activity.

Selling pressure has halted the upward price movement, with the total cryptocurrency market capitalization now hovering around the $3 trillion mark for the past two weeks, CoinGecko data can be seen.

Cryptocurrency market capitalization change over the last two weeks. Source: CoinGecko

BitMine’s ETH purchasing activity has not slowed down

Despite the market crash, BitMine did it collected over 77,400 ETH since last Monday, extending its lead over the competition and becoming, according to Lee, the largest buyer of ETH for “fresh money”.

Related: Fed cuts in 2026 will be a “key catalyst” for retail’s return to cryptocurrencies

BitMine has currently purchased over 40,000 ETH per week for at least 10 consecutive weeks.

*Digital asset vaults by cryptocurrency holding value. Source:* *BitMine*

California’s proposed wealth tax is controversial

It comes as several cryptocurrency industry leaders sharply criticized a proposed 5% wealth tax on billionaires earlier this week, with opponents arguing it could trigger an exodus of entrepreneurs and capital from the tech-savvy state.

“I promise you this will be the last straw. Billionaires will take all their expenses, hobbies, philanthropies and jobs with them,” former Kraken CEO Jesse Powell said.

The proposal provides for taxes on unrealized gains.

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